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DeKalb Times

Friday, November 22, 2024

Former state university employee Gibble paid in $7K to pension fund, could collect $300K in retirement

Money272

Former state university employee Teresa Gibble, who retired in May 2018, saved $7,337 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gibble would collect as much as $299,987, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Gibble received $6,305 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gibble will have already received $12,799 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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